Oil prices jump as Trump threatens escalation in Iran
By Rachel Frazin
Published on March 30, 2026.
Oil prices have surged again as President Trump threatens to escalate the conflict in Iran. The international benchmark Brent Crude was trading at about $114 per barrel, a significant increase from the previous week. This increase is due to the effective closure of the Strait of Hormuz, a key oil shipping lane. The United States has also increased its troop presence in the region.
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